11th Jan 2021 16:39
Ground Rents Income Fund PLC - real estate investment trust - Notes announcement from UK Ministry of Housing, Communities & Local Government which detail proposals to cut future residential ground rents to zero as well as to offer leasehold consumers the right to extend residential leases by as much as 990 years in return for a premium. The legislation on ground sets is expected in 2021, with the new lease extension rights legislation to follow.
The company said it welcomes government efforts to work with industry and simplify the lease extension process but added that "any potential reform will need to ensure sufficient compensation for landlords to reflect their legitimate property interests". Says it will keep engaging with policymakers to understand details of the proposals and will provide updates when appropriate.
Current stock price: 62.00 pence; down 4.6% on Monday
Year-to-date change: down 15%
By Anna Farley; [email protected]
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